Rehab and development projects approved for state tax credits

Three Des Moines development projects will receive tax credits for improving vacant buildings and abandoned industrial sites, the Iowa Economic Development Authority determined last week.

Minneapolis-based Sherman Associates Inc. will receive up to $984,540 for a redevelopment project at the former site of the Pittsburgh-Des Moines Steel Co. administrative building, woodworking shop and parking lot south of Martin Luther King Jr. Parkway. Sherman's River Point West LLC plans a nearly $11 million hotel project near Southwest Ninth and Tuttle streets as it kick-starts plans for a residential and retail build-out of property it owns that stretches from Martin Luther King Jr. Parkway to Gray's Lake and lies between Southwest Ninth and 11th streets. Construction of a 103-room Holiday Inn Express hotel is the first project planned for the development. Click here for a related story in the Business Record.

Norris Partners LLC, of Des Moines, will receive up to $173,925 in tax credits for its rehab of the former Judge Roy Bean's restaurant at 210 Court Ave. The building, which was constructed in 1905, has been vacant for several years as several developers tried to put together financing for its restoration. Norris Partners plans a nearly $1.2 million renovation that will accommodate one retail and one office tenant. The site will also be placed on the National Register of Historic Places, and the project will emphasize energy and water efficiency. Click here for a related story in the Business Record.

Neighborhood Development Corp. will receive up to $1 million in tax credits for the nearly $4.7 million development of a 1.5 acre site at Indianola and Dunham avenues, where it must remove contaminated soil. Plans are to construct a 26,000-square-foot building that will contain approximately 29 residential apartments and up to 2,000 square feet of commercial space. Click here for a related story in the Business Record.